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Sands Q3 Loss Widens to $123M

LAS VEGAS-The casino operator reports a 26% revenue decline in its revenue from its local properties.

By Brian K. Miller | Updated on October 29, 2009

LAS VEGAS-Las Vegas Sands Corp. on Thursday reported a nearly four-fold increase in its net loss for the third quarter on a 3.2% increase in revenue. The casino operator cited higher income tax costs and poor performance in Las Vegas, where revenues declined more than 25%. In Macau, revenue at its Sands-branded property rose 13% while revenue at its Venetian property fell by only 5.5%.

All told, Las Vegas Sands lost $123 million or $0.19 per share on revenue of $1.14 billion in the quarter, citing a $73.7-million increase in income tax costs as the primary driver. In the same year-earlier period, the company lost $32 million or $0.09 per share on revenue of $1.11 billion. Excluding one-time items, the company reported a profit of $0.03 per share.

In Las Vegas, where the company owns the adjacent Venetian and Palazzo resorts and Sands Convention Center, the company reported a 26% drop in revenue compared to the same year-earlier period, and an operating loss of $28.9 million compared to a gain of $6.1 million in the same year-earlier period. It cited a lower-than-usual win percentage from table games and lower hotel room rates as the primary reasons for the decline. Looking on the bright side, chief executive Mike Leven said group hotel booking spiked during the quarter.

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